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A view of a Wells Fargo branch in New York City in August 2016. Photo: Pablo Monsalve/VIEWpress via Getty Images

Wells Fargo agreed to pay $37 million on Monday to settle a Department of Justice lawsuit that accused the bank of overcharging hundreds of its commercial customers using its foreign currency exchange service, according to Bloomberg.

Why it matters: It's the bank's latest financial scandal, coming after a years-long public rehabilitation campaign to recoup the bank's image since it became known in 2016 that it created millions of fake accounts and opened them without account holders' permission.

  • The bank agreed in February 2020 to pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission for opening millions of the fake accounts between 2002 and 2016.

The big picture: The U.S. claimed in the latest lawsuit that the bank defrauded 771 customers, including many small- or medium-sized businesses and banks, by charging more than they claimed for foreign exchange transactions, according to Bloomberg.

  • A judge must still approve the settlement, which also resolves civil fraud charges against Well Fargo, Reuters notes.
  • Wells Fargo did not immediately comment on the settlement.

Go deeper: Wells Fargo abandons personal credit lines

Go deeper

Oct 21, 2021 - World

Israel to approve new construction in West Bank settlements

Bennett (L) and Biden discussed the settlements issue. Photo: Nicholas Kamm/AFP via Getty

Israel will approve the construction of 4,400 new homes in the West Bank next week: 3,10o in the Jewish settlements and 1,300 in Palestinian villages.

Why it matters: This will be the first time Israel has approved new settlement building since President Biden assumed office, and it's the first time since 2007 that it approves a significant number of new homes for Palestinians in "Area C" of the West Bank, which is controlled by Israel.

"Atmospheric river" to whiplash Northern California from drought to flood

A map depicting 24-hour preciptation forecast (inches) ending Monday at 5a.m. local time. Photo: NOAA

A series of powerful "atmospheric river" storms are set dump historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest from this weekend, forecasters warn.

Why it matters: A strong atmospheric river, packing large amounts of moisture, is predicted to whiplash Northern California from drought to flood.

10,000 trees near giant sequoia groves to be removed after fires

A firefighter looks up at a giant sequoia tree after fire burned through the Sequoia National Forest near California Hot Springs, California, on Sept. 23. Photo: Patrick T. Fallon/AFP via Getty Images

"Upwards of" 10,000 trees near giant sequoia groves have been "weakened by drought, disease, age, and/or fire" and must be removed in the wake of California's wildfires, the Sequoia and Kings Canyon National Parks announced.

Why it matters: The damage to these trees, considered "national treasures," and work to remove them means a nearby key highway must remain closed to visitors as they have "the potential to strike people, cars, other structures, or create barriers to emergency response services," per a statement from the national parks.